Pension Coverage and Portability Improvement Act of 1991

[AI summary unavailable — showing source text] Pension Coverage and Portability Improvement Act of 1991 - Title I: Portable Pension Plans - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to set forth definitions and requirements relating to portable pension plans. Defines a portable pension plan as a pension plan consisting of one or more simplified employee pensions (SEPs), individual retirement accounts (IRAs), individual account plans, or tax-deferred annuities which meet requirements for: (1) the amount contributed by employers on behalf of employees under specified Internal Revenue Code (IRC) provisions; and (2) portability under ERISA as amended by this Act. Requires for portability that a plan provides for: (1) distribution of all or part of the accrual benefit in the form of a direct transfer from the plan to a portable pension plan, pursuant to a written election any individual who has an accrued benefit under the plan (or the beneficiary of the dead individual), and spousal consent; and (2) acceptance, with respect to any individual, of any transfer to the plan of a plan distribution which is not includable in gross income, any plan distribution to such a plan which is not includable in gross incom…